According to this report the market was valued at US$ 2,730.8 million in 2019 and is projected to reach at US$11,383.5 million by 2027; it is expected to grow at a CAGR of 20.2% from 2019 to 2027.
The report highlights key factors driving the market growth, and prominent players and their developments in the market.
Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period.
For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy.
Similarly, the government of the Netherlands is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers.
Through various incentives, such as soft loans and tax breaks, the government has supported the growers.
Furthermore, the legalization of cannabis for medicinal purposes by various governments globally over the past few years is accelerating the growth of the market.
In the U.S., in 33 states, including Alaska, Arizona, Connecticut, Delaware, Columbia District, Arkansas, California, Colorado, Florida, Hawaii, and Illinois, the government has legalized medical cannabis.
In Canada, cannabis purchases have been fully authorized across the country as well.
Europe is the most advanced region regarding cannabis legalization for medicinal purposes.
Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access.
Such initiatives taken by the government is the primary driving factor for the global horticulture lighting market.
The global horticulture lighting market is concentrated with a few well-established players, such as Agrolux; Bridgelux, Inc.; Signify N.V.; Heliospectra AB; PARsource; Lumileds Holding B.V.; Hortilux Schrder B.V.; OSRAM Licht AG; General Electric Company; and Hubbell, Inc.
COVID-19 Impact on Horticulture Lighting Market
According to the latest situation report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak.
The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe.
As of August 12, 2020, there are around 20,162,474 confirmed COVID-19 cases globally, with ~737,417 total deaths, and the number is growing at varying rates in different countries.
The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well.
The pandemic has disturbed horticulture businesses and suppliers around the globe.
Fresh vegetables and fruits have become increasingly scarce in various regions since the COVID-19 pandemic has hampered the global movement of crops and the people required to gather crops.
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